President Donald Trump is reportedly planning to nominate former presidential candidate Herman Cain to serve on the Federal Reserve, which has prompted Washington Post economics columnist Catherine Rampell to write a scathing takedown of the former pizza chain mogul’s views of monetary policy.
In her column, Rampell calls Cain’s views on economics “quack-tastic” and says that he would be unfit to serve on the Fed even if he didn’t have a long list of sexual harassment allegations dogging him.
“Perhaps the bigger issue is that Cain has said — repeatedly — that the United States should return to the gold standard,” she writes. “This stance is one Moore has also intermittently espoused, and it has been roundly rejected by actual economic experts. That includes, for instance, every single economist surveyed by the University of Chicago’s IGM Economic Experts Panel.”
Rampell also notes that Cain has gotten involved in right-wing grift schemes ever since his presidential campaign went down in flames in 2012.
“Cain spent the years following his failed presidential campaign spamming his email followers with snake-oil scams, promising ‘weird tricks’ that would make his followers get rich quick or ‘naturally’ cure their erectile dysfunction,” she writes. “Of course, such grifting might enhance Cain’s candidacy in Trump’s eyes, but it hardly bodes well for a man seeking to join an institution with consumer protection duties.”